BuzzFeed CEO moves to majority stock based compensation amid AI push
(Reuters) - A major part of BuzzFeed CEO Jonah Peretti's compensation will now be in stock options, the digital media firm said on Friday, amid efforts to boost the adoption of artificial intelligence to speed up a turnaround. The company has award...
May 17, 2024
Fed Chair Powell tests positive for COVID-19, working from home
(Reuters) - Federal Reserve Chair Jerome Powell tested positive for COVID-19 on Thursday, a Fed spokesperson said in an emailed statement. Powell "plans to deliver commencement remarks to Georgetown Law School on May 19 via prerecorded video," the ...
May 17, 2024
Citgo share bidders can be asked how accommodate bondholder claims, judge rules
(Reuters) - Bidders in a U.S. court auction of shares that will decide the ownership of oil refiner Citgo Petroleum can be required to say if their binding offers cover claims by Venezuela bondholders in a separate court action, a U.S. District Cou...
May 17, 2024
Weaker loonie may not deter Bank of Canada diverging from the Fed
By Fergal Smith TORONTO (Reuters) - The Bank of Canada would be willing to cut interest rates three times ahead of the Federal Reserve's first move before a declining currency threatens to endanger the inflation outlook, the median estimate of seve...
May 17, 2024
Texas power demand to hit record high for month of May next week
By Scott DiSavino (Reuters) - Power use in Texas will likely break records for the month of May next week as homes and businesses crank up their air conditioners to escape a spring heat wave, the state's electric grid operator projected on Friday. ...
May 17, 2024
Boeing shareholders vote to re-elect CEO Calhoun to board
(Reuters) - Boeing Co shareholders voted to re-elect outgoing Chief Executive Dave Calhoun to the planemaker's board at the company's annual meeting, as per a preliminary tally. Proxy adviser Glass Lewis had last month recommended shareholders vote...
May 17, 2024
Analysis-Endeavor's $13 billion deal highlights push to sidestep minority shareholders
By Anirban Sen and Tom Hals (Reuters) - Endeavor Group's decision to deny minority shareholders the ability to veto a $13 billion deal to take the entertainment conglomerate private is the latest example of a company's controlling investors risking...
May 17, 2024
NY Fed announces launch of new supply chain pressure metrics
By Michael S. Derby NEW YORK (Reuters) - The Federal Reserve Bank of New York is bolstering its data offerings tracking the state of supply chains. The bank said Friday that it is launching new "Supply Availability Indexes" via a blog posting on Mo...
May 17, 2024
Bank of America to buy WaFd's multi-family loan portfolio for $2.9 billion
(Reuters) - WaFd Inc, the parent of Washington Federal Bank, has agreed to sell a portfolio of commercial multi-family real estate loans to Bank of America for $2.9 billion, it disclosed in a regulatory filing on Friday. (Reporting by Manya Saini ...
May 17, 2024
Tesla chair sees challenges in getting shareholder vote for Musk's pay package, FT reports
(Reuters) - Tesla's chair of the board said the company needs to climb "Mount Everest" as it faces shareholder votes on relocating to Texas and CEO Elon Musk's $56 billion pay deal, the Financial Times reported on Friday. Robyn Denholm, who has hel...
May 17, 2024
Factbox-From tax to green power, UK's Conservatives and Labour lock horns on economy
By William Schomberg LONDON (Reuters) - British Prime Minister Rishi Sunak's Conservatives and the opposition Labour Party are increasingly making the economy a battleground of their early election campaigning. Finance minister Jeremy Hunt said on ...
May 17, 2024
US labor board will suspend case against SpaceX pending company's legal challenge
By Daniel Wiessner (Reuters) -The U.S. National Labor Relations Board told a Texas federal judge that it will suspend an administrative case accusing SpaceX of illegally firing engineers critical of CEO Elon Musk while the rocket maker pursues a lawsui...
May 17, 2024
Microsoft plans to release next Call of Duty version on subscription service, WSJ reports
(Reuters) - Microsoft plans to release the coming installment of "Call of Duty" videogame to its subscription service instead of the longtime approach of only selling it à la carte, the Wall Street Journal reported on Friday. The plans are expected...
May 17, 2024
BlackRock CEO sees 'giant issue' for Europe due to AI power needs
ROME (Reuters) - The enormous power supply required by data centres to support artificial intelligence (AI) technologies will create competitive issues among countries and put Europe at a disadvantage, the CEO of BlackRock said on Friday. "It will ...
May 17, 2024
Global equity funds draw inflows on rate cut hopes, soft US economic data
(Reuters) - Global equity funds experienced strong demand for the third consecutive week, in the seven days to May 15, bolstered by a softer U.S. jobs report and lower-than-expected inflation figures, which increased expectations that the Federal R...
May 17, 2024
GameStop expects first-quarter revenue to drop, shares tumble
(Reuters) -GameStop expects first-quarter net sales to drop from a year ago, as customers transition to buying video games and collectibles online, while the retailer largely relies on brick and mortar stores. Shares of the company fell 10% in premarke...
May 17, 2024
Exclusive-VW and Renault end talks to develop affordable EV, sources say
By Gilles Guillaume and Christina Amann PARIS/BERLIN (Reuters) - Volkswagen has walked away from talks with Renault to jointly develop an affordable electric version of the Twingo car, two sources familiar with the situation said, in a setback for ...
May 17, 2024
Reddit stock jumps after OpenAI partnership
(Reuters) - Shares of Reddit rose 14% on Friday, following a partnership with artificial intelligence firm OpenAI that is expected to draw in more users for the social media platform with AI-enhanced experience and attract more advertising revenue....
May 17, 2024
Morning bid: Dow flirts with 40k, China fights homes bust
A look at the day ahead in U.S. and global markets from Mike Dolan After a week of worldwide stock market records, Friday seems set for a breather - with attention switching to the deepening Chinese housing bust and sweeping government plans to stop th...
May 17, 2024
Goldman Sachs looks to expand private equity credit lines as dealmaking picks up
By Saeed Azhar NEW YORK (Reuters) - U.S. investment bank Goldman Sachs is muscling into the lending market for private equity and asset managers, planning an overseas expansion as it helps fill a void left by turmoil at regional banks and the sale ...
May 17, 2024
BHP needs to bid about 32 pounds a share for Anglo, JPMorgan says
By Anousha Sakoui LONDON (Reuters) - BHP Group would need to boost its latest offer around 30% to reflect fair value for Anglo American and its key copper assets, JPMorgan analysts said in a note. They raised their price target for London-listed A...
May 17, 2024
Futures edge lower as rally loses some steam
(Reuters) - U.S. stock index futures slipped on Friday, near the end of a week of sharp Wall Street gains underpinned by hopes of Federal Reserve interest rate cuts after softer-than-expected consumer inflation data. All three main indexes had touc...
May 17, 2024
UAW's influence tested in pivotal Alabama Mercedes-Benz factory union vote
By Nora Eckert VANCE, Alabama (Reuters) - The outcome of a vote on Friday by workers at a Mercedes-Benz factory in Alabama will be a key referendum on whether the United Auto Workers can maintain momentum in the historically anti-union South. The U...
May 17, 2024
Take Five: The good, the bad and the ugly
(Reuters) - Markets are hoping for evidence that will solidify a brightening global economic outlook, though rising trade tensions are casting a cloud, while G7 finance ministers gather in Italy. AI darling Nvidia reports results, London has its si...
May 17, 2024
Daimler Truck and Volvo intend to form software joint venture
(Reuters) - German truck maker Daimler Truck and Sweden's Volvo intend to form a joint venture to develop a software-defined vehicle platform and dedicated truck operating system, the two companies said on Friday. The new company would be a 50/50 j...
May 17, 2024